Shares of Infosys slumped over 13%, eroding Rs. 24,839 crore from its market valuation, after Vishal Sikka, the first non-founder CEO of the company, resigned.
The IT major’s scrip plummeted 13.39% to Rs 884.40 — its 52-week low level — on BSE. At NSE, the stock crashed 13.38% to hit its one-year low of Rs 884.20.
The stock was the worst performer among the bluechips on both the key indices.
"...The board of directors of Infosys Limited has at its meeting today accepted the resignation of Dr Vishal Sikka as the Managing Director and Chief Executive Officer of the company with immediate effect,” the IT firm said in a BSE filing.
After the news
Immediately after the news of Mr. Sikka's resignation broke up, the company's stocks tanked upto 6%. The stock fell to Rs 958.00, registering a fall of 6.62 per cent over its previous closing price on the BSE.
Stocks further plunged to 9.4% their lowest since June 28, on way to their steepest intraday percentage loss since April 2013.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
Infosys COO U B Pravin Rao has been named as the Interim — MD and CEO of the firm.
“The succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the board and a search for the same has been commenced,” Infosys added
